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TL;DR
- Bangladesh’s export earnings reached $11.37 billion in Q1 FY2024-25, a 5.04% increase, driven mainly by the readymade garment sector.
- The RMG sector contributed $9.23 billion, accounting for 81.70% of total exports, with significant growth in knitwear and woven garments.
- September’s export earnings were $3.5 billion, marking a 6.78% rise from the previous year amid efforts to reconcile data discrepancies.
- Leather goods saw an 11.16% growth, while jute and engineering products experienced declines of 19.81% and 5.9%, respectively.
Bangladesh’s export earnings from merchandise reached $11.37 billion in the first quarter of the fiscal year 2024-25, marking a 5.04% increase compared to the same period last year, according to data from the Export Promotion Bureau (EPB). This growth is primarily driven by the readymade garment (RMG) sector, which alone contributed $9.23 billion, reflecting a 5.34% rise from the previous year. The RMG sector accounted for 81.70% of total export earnings, with knitwear and woven garments showing significant gains.
In September alone, Bangladesh’s export earnings totaled $3.5 billion, a 6.78% increase from September 2023. This positive trend follows a three-month delay in data release by the EPB, which was reconciling discrepancies in export reporting. The EPB now plans to provide detailed monthly analyses of export earnings to improve transparency and accuracy.
Other sectors also demonstrated notable performance, with leather and leather goods experiencing an 11.16% growth to $283.39 million and agricultural products increasing by 3.18% to $264.76 million. However, some sectors faced challenges; jute and jute goods saw a decline of 19.81%, and engineering products fell by 5.9%.
The EPB identified several reasons for past data mismatches, including multiple entries of export products and issues related to cutting, making, and trimming (CMT). To address these discrepancies, the EPB is working with the National Board of Revenue (NBR) and Bangladesh Bank to digitize data and ensure future accuracy. The agency also plans to collaborate with stakeholders monthly to identify key products for market expansion.
Despite these challenges, Bangladesh remains optimistic about achieving its ambitious export target of $50 billion for FY2024-25, representing a 12.4% growth over the previous year. This optimism is supported by favorable global economic conditions and consistent international demand for Bangladeshi products.
Source: Dhaka Tribune
